The evolution of Ottoman-European market linkages, 1469-1914: evidence from dynamic factor models
This paper studies the relationship between commodity markets in two key regions of the international economy during the 1469-1914 period: the Ottoman Empire and Europe. By providing evidence on what thus far has been largely a qualitative discussion, we propose the first comprehensive empirical analysis of the process of market integration between Istanbul and 19 European cities, using data on commodity baskets and a set of traded goods. By computing dynamic factor models using Bayesian inference we are able to overcome a series of data constraints, such as missing observations and small sample size. The results point to the existence of broad and persistent market linkages between the two regions throughout four and half centuries. We also find that market integration was negatively impacted by the intensity of Ottoman-European conflicts.
|Date of creation:||06 Jan 2017|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Taylor, Alan M, 2001.
"Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price,"
Econometric Society, vol. 69(2), pages 473-498, March.
- Alan M. Taylor, 2000. "Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price," NBER Working Papers 7577, National Bureau of Economic Research, Inc.
- O Rourke, Kevin H. & Williamson, Jeffrey G., 2002. "When did globalisation begin?," European Review of Economic History, Cambridge University Press, vol. 6(01), pages 23-50, April.
- Kevin H. O'Rourke & Jeffrey G. Williamson, 2000. "When Did Globalization Begin?," NBER Working Papers 7632, National Bureau of Economic Research, Inc.
- Enrique Moral-Benito, 2012. "Determinants of Economic Growth: A Bayesian Panel Data Approach," The Review of Economics and Statistics, MIT Press, vol. 94(2), pages 566-579, May.
- Moral-Benito, Enrique, 2009. "Determinants of Economic Growth: A Bayesian Panel Data Approach," Policy Research Working Paper Series 4830, The World Bank.
- Enrique Moral-Benito, 2010. "Determinants of economic growth: A Bayesian panel data approach," Working Papers 1031, Banco de España;Working Papers Homepage.
- Federico, Giovanni, 2007. "Market integration and market efficiency: The case of 19th century Italy," Explorations in Economic History, Elsevier, vol. 44(2), pages 293-316, April.
- Murat Iyigun, 2008. "Luther and Suleyman," The Quarterly Journal of Economics, Oxford University Press, vol. 123(4), pages 1465-1494.
- Giovanni Federico, 2012. "How much do we know about market integration in Europe?," Economic History Review, Economic History Society, vol. 65(2), pages 470-497, 05.
- Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, October.
- Brenner, Robert, 1972. "The Social Basis of English Commercial Expansion, 1550–1650," The Journal of Economic History, Cambridge University Press, vol. 32(01), pages 361-384, March.
- Beveridge, Stephen & Nelson, Charles R., 1981. "A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the `business cycle'," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 151-174.
- Carol H. Shiue & Wolfgang Keller, 2007. "Markets in China and Europe on the Eve of the Industrial Revolution," American Economic Review, American Economic Association, vol. 97(4), pages 1189-1216, September.
- Carol H. Shiue & Wolfgang Keller, 2004. "Markets in China and Europe on the Eve of the Industrial Revolution," NBER Working Papers 10778, National Bureau of Economic Research, Inc.
- Keller, Wolfgang & Shiue, Carol Hua, 2004. "Markets in China and Europe on the Eve of the Industrial Revolution," CEPR Discussion Papers 4420, C.E.P.R. Discussion Papers.
- Andersson, Fredrik N.G. & Ljungberg, Jonas, 2015. "Grain Market Integration in the Baltic Sea Region in the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 75(03), pages 749-790, September.
- Kindie Getnet & Wim Verbeke & Jacques Viaene, 2005. "Modeling spatial price transmission in the grain markets of Ethiopia with an application of ARDL approach to white teff," Agricultural Economics, International Association of Agricultural Economists, vol. 33(s3), pages 491-502, November.
- Brunt, Liam & Cannon, Edmund, 2014. "Measuring integration in the English wheat market, 1770–1820: New methods, new answers," Explorations in Economic History, Elsevier, vol. 52(C), pages 111-130. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:80953. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.